October 7, 2022

Business Detect

Uganda Latest Business News, Investments , Opinion and Sports

The 3 Lucrative Business ideas in Uganda 2020

3 min read

Uganda is knocking so hard to become the economic, financial and business hub of East Africa.

Facing stiff competitions from Kenya and raising Rwanda of course despite unpleasant political foes turning enemies.

Uganda unemployment and under employment is totally high among the 80-percentage dominated youth in the country Although it is extremely difficult to find reliable data to back up that.

Data from world bank shows that the proportion of t Ugandan population living below the national poverty line declined from 31.1% in 2006 to 19.7% in 2013.

Ugandan thinking of starting a business is still lacking as the perception is a myth as western education of spending 35 years studying is still making many cry.

That’s why Business Detect is willing always to identify the best business to start in different parts of Uganda even if you don’t have so much money. Although discipline and a dream a must.

The Pearl of Africa Land is the best in East Africa with two seasons in the year, the land is extremely fertile despite low funding from the government. You can become Rich.

The ladies stationed in Owino market, Nakasero market are another testimony that agriculture is a serious demand.

The following are the best top business ideas in Uganda you can do successfully:

1. BODA-BODA BUSINESS IDEA IN UGANDA

Uganda Bodaboda industry is among one of the most profitable business ideas in Uganda or actually the best that Uganda youth are particularly joining in very large volumes.

According to Uganda Revenue Authority boda boda which has a sitting capacity of one passenger will pay Ugshs 20,000 annually which generates millions of revenues.

This tells you how lucrative the boda-boda business has been over the years which business the youth should welcome despite challenges which look to have been fixed.

I would proposal that a good boda boda business plan can be made big. Venture into this business especially if you are still searching for a job and have some saved up money.

Mr Mugonza Andrew who operates from Mpigi  a city next to Kampala  says for one to start the boda boda business, what they need is a motorcycle plus a permit or licence. “A brand-new motorcycle now goes for about Shs4M And a used one goes as low at Shs 1.5 M

2. MOBILE MONEY BUSINESS IN UGANDA

Setting a trend in Uganda is not every one’s choice however this is one of the best business ideas available in Uganda!

Mobile Money which is a mobile phone-based money transfer services has brought relief to many Ugandans in the daily running of business and life.

There is no doubt that Mobile Money is one of the best businesses to start in Uganda and you won’t look back.

MTN Mobile Money and Airtel Money still lead the way as this has tremendously grown the recent years and is also very lucrative.

Although every corner seems crowded with a mobile money agent, however one can be assured of a profit at the end of the day irrespective of the place of operation.

The statistics show that Mobile Money number of registered customers increased from 19.6 million to 22.9 million in the year 2018.

The total value of mobile money transactions grew from Ush37. 4 trillion ($9.7 billion) in June 2016 to Ush63 trillion ($16.3 billion) in June 2017, according to Bank of Uganda data,

For you to run a Mobile Money business, For MTN, Minimum Float Deposit of 3,000,000 UGX ,Minimum Float Balance of 1,000,000 UGX and Minimum Cash Balance of 1,000,000 UGX and other fair charges of a kit as for Airtel its reportedly only Ugshs 2,000,000.

3 . BARBER OR SALON SHOP IN UGANDA

This type of business idea is a profitable one and has the potential of making you rich. People who are not aware of its potential may underrate it and assume that it is meant for the uneducated people the perception carried by the so middle-class sons and daughters of Ugandans!

Taking around Kampala neighbourhoods various women in this business visit clients in their homes mainly on weekend,  save enough money and don’t need to cough rent monthly as some clients are very comfortable to be worked upon their homes.

A standard barber or salon stall goes for about 300, 000 to 500, 000 Uganda shillings to rent around areas in Kampala ! not the city centre.

From this point, one can work on having money to buy the equipment he/she needs. And run a successful venture.

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